#Trends

Container rates surge on transpacific routes as Europe's peak season weakens

European container spot rates declined for a fourth consecutive week, with Shanghai-Genoa dropping 2% to $5,506 per 40ft, while transpacific trades showed strength. Shanghai-US east coast rates climbed 2.6% to $9,290 per 40ft and Shanghai-US west coast rose 4.1% to $6,484 per 40ft. CMA CGM and MSC announced new FAK rates of $6,200 and $7,800 per 40ft respectively from 15 August, with Maersk cancelling its Far East-Mediterranean peak season surcharge set for 14 August.